UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 14A
INFORMATION REQUIRED IN A PROXY STATEMENT
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the
Registrant [ ]
Check the appropriate box:
[X] Preliminary Proxy Statement
[ ]
Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
[ ] Definitive Proxy Statement
[
] Definitive Additional Materials
[ ] Soliciting Material
Pursuant to Rule 14a-11(c) or Rule 14a-12
WOLVERINE EXPLORATION INC.
(Name of Registrant as Specified in Its Charter)
Not Applicable
(Name of Person(s)
Filing Proxy Statement, if other than the Registrant)
Paymentof Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act
Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to which transaction
applies: N/A
(2) Aggregate number of securities to which transaction
applies: N/A
(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined): N/A
(4) Proposed maximum aggregate value of transaction: N/A
(5) Total fee paid: N/A
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee if offset as
provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid: N/A
(2) Form, Schedule or Registration Statement No.: N/A
(3) Filing Party: N/A
(4) Date Filed: N/A
WOLVERINE EXPLORATION INC.
4055 McLean Road
Quesnel, British Columbia
V2J 6V5
NOTICE OF ANNUAL AND SPECIAL MEETING OF
STOCKHOLDERS
TO BE HELD ON SEPTEMBER 13, 2013 at 2:00 p.m. (Pacific
Time)
NOTICE IS HEREBY GIVEN
that Wolverine Exploration Inc.,
a Nevada corporation, will hold an annual and special meeting of stockholders on
Friday, September 13, 2013 at 2:00 p.m. (local time) at 400 - 570 Granville
Street, Vancouver, British Columbia V6C 3P1 (the "
Meeting
"). The Meeting
is being held for the following purposes:
1.
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to elect Lee Costerd and Luke Rich to serve as directors
of our company;
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2.
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to ratify the appointment of Saturna Group Chartered
Accountants LLP as our independent public accounting firm for the year
ending May 31, 2014;
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3.
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to conduct an advisory vote on the compensation of our company's Named Executive Officers (the "Say-on-Pay Proposal);
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4.
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to conduct an advisory vote on the frequency of future advisory votes on the compensation of our company's Named Executive Officers (the "Say-When-on-Pay Proposal");
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5.
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to approve an amendment to our Articles of Incorporation
to increase the authorized number of shares of our common stock from
200,000,000 shares of common stock, par value $0.001 to 500,000,000 shares
of common stock, par value of $0.001 per share (the "
Amendment
");
and
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5.
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to transact such other business as may properly come
before the Meeting or any adjournment or postponement
thereof.
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Our board of directors recommends that you vote "for" each
of the nominees and vote "for" each proposal.
Our board has fixed the close of business on July 22, 2013 as
the record date for determining the stockholders entitled to notice of, and to
vote at, the Meeting or any adjournment or postponement of the Meeting. At the
Meeting, each holder of record of shares of common stock, $0.001 par value per
share, will be entitled to one vote per share of common stock held on each
matter properly brought before the Meeting.
THE VOTE OF EACH STOCKHOLDER IS IMPORTANT. YOU CAN VOTE YOUR
SHARES BY ATTENDING THE MEETING OR BY COMPLETING AND RETURNING THE PROXY CARD
SENT TO YOU. PLEASE SUBMIT A PROXY AS SOON AS POSSIBLE SO THAT YOUR SHARES CAN
BE VOTED AT THE MEETING IN ACCORDANCE WITH YOUR INSTRUCTIONS. FOR SPECIFIC
INSTRUCTIONS ON VOTING, PLEASE REFER TO THE INSTRUCTIONS ON THE PROXY CARD OR
THE INFORMATION FORWARDED BY YOUR BROKER, BANK OR OTHER HOLDER OF RECORD. EVEN
IF YOU HAVE VOTED YOUR PROXY, YOU MAY STILL VOTE IN PERSON IF YOU ATTEND THE
MEETING. PLEASE NOTE, HOWEVER, THAT IF YOUR SHARES ARE HELD OF RECORD BY A
BROKER, BANK OR OTHER NOMINEE AND YOU WISH TO VOTE IN PERSON AT THE MEETING, YOU
MUST OBTAIN FROM SUCH BROKER, BANK OR OTHER NOMINEE, A PROXY ISSUED IN YOUR
NAME.
Dated: July 17, 2013.
By Order of the Board of Directors,
/s/ Lee Costerd
Lee Costerd
President and Director
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IMPORTANT:
Please complete, date, sign and
promptly return the enclosed proxy card in the prepaid envelope (if
mailing within the United States) to ensure that your shares will be
represented. If you attend the meeting, you may choose to vote in person
even if you have previously sent in your proxy card.
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Important Notice Regarding the Availability of Proxy
Materials for the Stockholders Meeting to Be Held on September 13, 2013the
proxy statement and the annual report are available at
http://www.wolverineexplorationinc.com/index.cfm?page=investors.
WOLVERINE EXPLORATION INC.
4055 McLean Road
Quesnel, British Columbia V2J
6V5
Proxy Statement for the Annual and Special Meeting of
Stockholders
The enclosed proxy is solicited on behalf of our Board of
Directors (the "
Board
") for use at the Annual and Special Meeting of
Stockholders (the "
Meeting
") to be held on September 13, 2013 at 2:00
p.m. (local time) at 400 - 570 Granville Street, Vancouver, British Columbia, or
at any continuation, postponement or adjournment thereof, for the purposes
discussed in this proxy statement and in the accompanying Notice of Annual and
Special Meeting and any business properly brought before the Meeting. Proxies
are solicited to give all stockholders of record an opportunity to vote on
matters properly presented at the Meeting. We intend to mail this proxy
statement and accompanying proxy card on or about July 31, 2013 to all
stockholders entitled to vote at the Meeting.
Unless the context requires otherwise, references to "we", "us"
"our" and "Wolverine" refer to Wolverine Exploration Inc.
Who Can Vote
You are entitled to vote if you were a holder of record of
shares of our common stock, $0.001 par value per share (the "
Common
Stock
") as of the close of business on July 22, 2013 (the "
Record
Date
"). Your shares can be voted at the Meeting only if you are present in
person or represented by a valid proxy.
Shares Outstanding and Quorum
Holders of record of Common Stock at the close of business on
the Record Date will be entitled to receive notice of and vote at the Meeting.
At the Meeting, each of the shares of Common Stock represented will be entitled
to one (1) vote on each matter properly brought before the Meeting. As of July
22, 2013, the record date, there were 186,583,333 shares of Common Stock issued
and outstanding.
In order to carry on the business of the Meeting, we must have
a quorum. Under our bylaws, a quorum is five percent (5%) of the issued and
outstanding entitled to vote, represented in person or by proxy.
Proxy Card and Revocation of Proxy
In voting, please specify your choices by marking the appropriate spaces on the enclosed proxy card, signing and dating the proxy card and returning it in the accompanying envelope. If no directions are given and the signed proxy is returned, the proxy holders will vote the shares in favor of Proposals 1 through 5 and, at their discretion, on any other matters that may properly come before the Meeting. The Board knows of no other business that will be presented for consideration at the Meeting. In addition, since no stockholder proposals or nominations were received by us on a timely basis, no such matters may be brought at the Meeting.
Any stockholder giving a proxy has the power to revoke the
proxy at any time before the proxy is voted. In addition to revocation in any
other manner permitted by law, a proxy may be revoked by an instrument in
writing executed by the stockholder or by his attorney authorized in writing,
or, if the stockholder is a corporation, under its corporate seal or by an
officer or attorney thereof duly authorized, and deposited at the offices of our
transfer agent, Empire Stock Transfer, 1859 Whitney Mesa Dr., Henderson, NV
89014, at any time up to and including the last business day preceding the day
of the Meeting, or any adjournment thereof, or with the chairman of the Meeting
on the day of the Meeting. Attendance at the Meeting will not in and of itself
constitute revocation of a proxy.
Voting of Shares
Stockholders of record on July 22, 2013 record date are
entitled to one (1) vote for each share of Common Stock held on all matters to
be voted upon at the Meeting. You may vote in person or by completing and
mailing the enclosed proxy card. All shares entitled to vote and
represented by properly executed proxies received before the polls are closed at
the Meeting, and not revoked or superseded, will be voted at the Meeting in
accordance with the instructions indicated on those proxies.
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YOUR VOTE IS IMPORTANT
.
Counting of Votes
All votes will be
tabulated by the inspector of election
appointed for the Meeting, who will separately tabulate affirmative and negative
votes and abstentions. Shares represented by proxies that reflect abstentions as
to a particular proposal will be counted as present and entitled to vote for
purposes of determining a quorum. An abstention is counted as a vote against
that proposal. Shares represented by proxies that reflect a broker "non-vote"
will be counted as present and entitled to vote for purposes of determining a
quorum. A broker "non-vote" will be treated as not-voted for purposes of
determining approval of a proposal and will not be counted as "for" or "against"
that proposal. A broker "non-vote" occurs when a nominee holding shares for a
beneficial owner does not vote on a particular proposal because the nominee does
not have discretionary authority or does not have instructions from the
beneficial owner.
Solicitation of Proxies
We will bear the entire cost of solicitation of proxies,
including preparation, assembly and mailing of this proxy statement, the proxy
and any additional information furnished to stockholders. Copies of solicitation
materials will be furnished to banks, brokerage houses, depositories,
fiduciaries and custodians holding shares of Common Stock in their names that
are beneficially owned by others to forward to these beneficial owners. We may
reimburse persons representing beneficial owners for their costs of forwarding
the solicitation material to the beneficial owners of the Common Stock. Original
solicitation of proxies by mail may be supplemented by telephone, facsimile,
electronic mail or personal solicitation by our directors, officers or other
regular employees. No additional compensation will be paid to directors,
officers or other regular employees for such services. To date, we have not
incurred costs in connection with the solicitation of proxies from our
stockholders, however, our estimate for total costs is $8,000.
INTEREST OF CERTAIN PERSONS IN OR OPPOSITION TO MATTERS TO
BE ACTED UPON
Except as disclosed elsewhere in this Proxy Statement, since
May 31, 2012, being the commencement of our last completed financial year, none
of the following persons has any substantial interest, direct or indirect, by
security holdings or otherwise in any matter to be acted upon:
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1.
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any director or officer of our corporation;
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2.
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any proposed nominee for election as a director of our
corporation; and
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3.
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any associate or affiliate of any of the foregoing
persons.
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The shareholdings of our directors and officers are listed
below in the section entitled "Principal Stockholders and Security Ownership of
Management". To our knowledge, no director has advised that he intends to oppose
the Amendments to our authorized capital or to the Sale, as more particularly
described herein.
PRINCIPAL STOCKHOLDERS AND SECURITY OWNERSHIP OF
MANAGEMENT
As of July 22, 2013, we had a total of 186,583,333 shares of
common stock ($0.001 par value per share) issued and outstanding.
The following table sets forth, as of July 22, 2013, certain
information with respect to the beneficial ownership of our common and preferred
stock by each stockholder known by us to be the beneficial owner of more than 5%
of our common and preferred stock and by each of our current directors and
executive officers. Each person has sole voting and investment power with respect to the shares of
common stock and preferred stock, except as otherwise indicated. Beneficial
ownership consists of a direct interest in the shares of common and preferred
stock, except as otherwise indicated.
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Name and Address of Beneficial Owner
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Amount and Nature of
Beneficial
Ownership
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Percentage
of
Class
(1)
(2)
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0969015 B.C. Ltd.
1311 Borregard Road
Quesnel, British Columbia V2S 3Z7
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35,000,000
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18.76%
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Lee Costerd
4055 McLean Road
Quesnel,
British Columbia
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3,612,913
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1.94%
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Luke Rich
PO Box 65
Natuashish, NL
A0P 1A0
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625,140
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0.34%
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Directors and Executive Officers as a
Group
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4238,053
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2.27%
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(1) Based on 186,583,333 shares of common stock issued and
outstanding as of July 22, 2013. Beneficial ownership is determined in
accordance with the rules of the SEC and generally includes voting and
investment power with respect to securities. Except as otherwise indicated, we
believe that the beneficial owners of the common stock listed above, based on
information furnished by such owners, have sole investment and voting power with
respect to such shares, subject to community property laws where applicable.
EXECUTIVE COMPENSATION DISCUSSION AND ANALYSIS
Our entire board of directors is responsible for setting and administering policies that govern executive salaries, cash bonus awards and equity incentive awards and approves the annual compensation, including equity grants for our company's executive officers.
Our compensation programs are designed to award our named executive officers for their contributions to our company's achievements aimed at long-term strategic management and enhancement of stockholder value, while at the same time avoiding the encouragement of unnecessary or excessive risk-taking.
Executive compensation is reviewed by our board of directors on an annual basis.
The particulars of the compensation paid to the following
persons:
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our principal executive officer;
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each of our two most highly compensated executive officers who were serving
as executive officers at the end of the years ended May 31, 2012 and 2011; and
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up to two additional individuals for whom disclosure would have been
provided under (b) but for the fact that the individual was not serving as our
executive officer at the end of the years ended May 31, 2012 and 2011,
who we will collectively refer to as the named executive
officers of our company, are set out in the following summary compensation
table, except that no disclosure is provided for any named executive officer,
other than our principal executive officers, whose total compensation did not
exceed $100,000 for the respective fiscal year:
SUMMARY COMPENSATION TABLE
|
Name
and Principal
Position
|
Year
|
Salary
($)
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Bonus
($)
|
Stock
Awards
($)
|
Option
Awards
($)
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Non-
Equity
Incentive
Plan
Compensa-
tion
($)
|
Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
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All
Other
Compensa-
tion
($)
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Total
($)
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Lee Costerd
(1)
Chief
Executive Officer and
Chief Financial Officer
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2012
2011
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36,023
32,930
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Nil
Nil
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Nil
Nil
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Nil
Nil
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Nil
Nil
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Nil
Nil
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Nil
Nil
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36,023
32,930
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- 4 -
Other than as set out below, there are no arrangements or plans
in which we provide pension, retirement or similar benefits for directors or
executive officers. Our directors and executive officers may receive share
options at the discretion of our board of directors in the future. We do not
have any material bonus or profit sharing plans pursuant to which cash or
non-cash compensation is or may be paid to our directors or executive officers,
except that share options may be granted at the discretion of our board of
directors.
Stock Option Grants to our Named Executive Officers
During the period from inception (February 23, 2006) to May 31,
2012, we granted 550,000 stock options with an exercise price of $0.14 per share
and an expiry date of May 28, 2015 to our executive officer. On September 9,
2011 the exercise price of the stock options was amended to $0.05 per share.
Outstanding Equity Awards at Fiscal Year End
There were no outstanding equity awards granted to any named
executive officer as of May 31, 2012 or 2011.
Aggregated Option Exercises in Last Fiscal Year and Fiscal
Year-End Values
There were no options exercised, by any named executive
officers during the years ended May 31, 2012 or 2011.
Compensation of Directors
We do not have any agreements for compensating our directors
for their services in their capacity as directors, although such directors are
expected in the future to receive stock options to purchase shares of our common
stock as awarded by our board of directors.
Pension, Retirement or Similar Benefit Plans
There are no arrangements or plans in which we provide pension,
retirement or similar benefits for directors or executive officers. We have no
material bonus or profit sharing plans pursuant to which cash or non-cash
compensation is or may be paid to our directors or executive officers, except
that stock options may be granted at the discretion of the board of directors or
a committee thereof.
Indebtedness of Directors, Senior Officers, Executive
Officers and Other Management
None of our directors or executive officers or any associate or
affiliate of our company during the last two fiscal years, is or has been
indebted to our company by way of guarantee, support agreement, letter of credit
or other similar agreement or understanding currently outstanding.
PROPOSAL NO. 1 ELECTION OF DIRECTORS
The persons named as proxy holders in the enclosed proxy have
been selected by the Board of Directors to serve as proxy and will vote the
shares represented by valid proxies at the Meeting and any adjournments thereof.
It is indicated that, unless otherwise specified in the proxy, they intend to
vote for the election as director each of the persons named as a nominee listed
below under "Nominees for Director" unless authority to vote in the election of
directors is withheld on each proxy. Each nominee is currently a member of the
Board of Directors. Each duly elected director will hold office until the next
Annual Meeting of Stockholders or until their successor shall have been elected
and qualified. Although the Board of Directors of our company does not
contemplate that a nominee will be unable to serve, if such situation arises
prior to the Meeting, the persons named in the enclosed proxy will vote for the
election of such other person as may be nominated by the Board of Directors.
Our bylaws provide for our board of directors to consist of at
least one director. Each director is elected by a plurality of votes at each
annual meeting. We currently operate with a board of directors consisting of two
directors.
- 5 -
The nominees for election at the Meeting to fill the positions
on our board of directors are Lee Costerd and Luke Rich.
Our board of directors unanimously recommends a vote "FOR" the
nominees: Lee Costerd and Luke Rich. The election of director will require the
approval of stockholders holding at least a majority of shares of our common
stock entitled to vote at the Meeting.
For further information, please refer to the heading below
"Nominees for Director".
Nominees for Director
The Board of Directors unanimously recommends a vote
FOR
the election of the nominees listed below.
For each of our companys directors, the following table sets
forth their names, ages, principal occupations, other directorships of public
companies held by them and length of continuous service as a director:
Name
|
Position Held
with the Company
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Age
|
Date First Elected or
Appointed
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Lee Costerd
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President, Chief Executive
Officer, Chief
Financial
Officer & Director
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60
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February 23, 2006
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Luke Rich
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Vice
President, Exploration
and Business Development
and Director
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48
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June 14, 2010
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Business Experience
The following is a brief account of the education and business
experience during at least the past five years of each director, executive
officer and key employee of our company, indicating the persons principal
occupation during that period, and the name and principal business of the
organization in which such occupation and employment were carried out.
Lee Costerd, President, Chief Executive Officer, Chief
Financial Officer and Director
Mr. Costerd was appointed a director and officer on February
23, 2006.
Mr. Costerd has acted as a director and officer since our
inception on February 23, 2006. Mr. Costerd has been involved in the mining
industry for the past 20 years. Mr. Costerd was the mine manager for a placer
mining operation in British Columbia and a supervisor at a hard rock mining
operation also in British Columbia.
Luke Rich, Vice President, Exploration and Business
Development and Director
Mr. Rich was appointed a director and as Vice President,
Exploration and Business Development on June 14, 2010. Mr. Rich is a member of
the Innu Nation and Mushuau Innu First Nations and is a former VP of the Innu
Nation. Prior to joining Wolverine, Mr. Rich was also Co-CEO of the Innu
Development Limited Partnership (IDLP) from October 2007 to April 2010. IDLP
participated in the construction of the mine and mill for the Voisey Bay Nickel
Project. Mr. Rich is also a board member of various IDLP owned companies
including Innu Mikun Airlines, Innu Keiwit Constructor LP and the Innu/SNC
Lavalin Partnership.
- 6 -
Information About the Board of Directors
Board and Committee Meetings
Our board of directors held formal meetings during the year
ended May 31, 2012 and all other proceedings of the board of directors were
conducted by resolutions consented to in writing by all the directors and filed
with the minutes of the proceedings of the directors. Such resolutions consented
to in writing by the directors entitled to vote on that resolution at a meeting
of the directors are, according to the Nevada Corporate Law and our By-laws, as
valid and effective as if they had been passed at a meeting of the directors
duly called and held.
Audit Committee
We do not have an Audit Committee, our entire board of
directors performs the functions of an Audit Committee. The current size of our
board of directors does not facilitate the establishment of a separate
committee.
Nominating Committee
We do not have a Nominating Committee, our entire board of
director performs the functions of a Nominating Committee and oversees the
process by which individuals may be nominated to our board of directors.
The current size of our board of directors does not facilitate
the establishment of a separate committee. We hope to establish a separate
Nominating Committee consisting of independent directors, if the number of our
directors is expanded.
Compensation Committee
We do not have a compensation committee, our entire board of director performs the functions of a Compensation Committee and oversees the process by which our named executive officers and directors are compensated.
Family Relationships
There are no family relationships between any director or
executive officer.
Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or
executive officers has, during the past ten years:
1.
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been convicted in a criminal proceeding or been subject
to a pending criminal proceeding (excluding traffic violations and other
minor offences);
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2.
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had any bankruptcy petition filed by or against the
business or property of the person, or of any partnership, corporation or
business association of which he was a general partner or executive
officer, either at the time of the bankruptcy filing or within two years
prior to that time;
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3.
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been subject to any order, judgment, or decree, not
subsequently reversed, suspended or vacated, of any court of competent
jurisdiction or federal or state authority, permanently or temporarily
enjoining, barring, suspending or otherwise limiting, his involvement in
any type of business, securities, futures, commodities, investment,
banking, savings and loan, or insurance activities, or to be associated
with persons engaged in any such activity;
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4.
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been found by a court of competent jurisdiction in a
civil action or by the SEC or the Commodity Futures Trading Commission to
have violated a federal or state securities or commodities law, and the
judgment has not been reversed, suspended, or vacated;
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5.
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been the subject of, or a party to, any federal or state
judicial or administrative order, judgment, decree, or finding, not
subsequently reversed, suspended or vacated (not including any settlement
of a civil proceeding among private litigants), relating to an
alleged violation of any federal or state securities or commodities law or
regulation, any law or regulation respecting financial institutions or
insurance companies including, but not limited to, a temporary or
permanent injunction, order of disgorgement or restitution, civil money
penalty or temporary or permanent cease-and-desist order, or removal or
prohibition order, or any law or regulation prohibiting mail or wire fraud
or fraud in connection with any business entity; or
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6.
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been the subject of, or a party to, any sanction or
order, not subsequently reversed, suspended or vacated, of any
self-regulatory organization (as defined in Section 3(a)(26) of the
Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in
Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or
any equivalent exchange, association, entity or organization that has
disciplinary authority over its members or persons associated with a
member.
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Code of Ethics
We adopted a Code of Ethics applicable to all of our directors,
officers, employees and consultants, which is a "code of ethics" as defined by
applicable rules of the SEC. Our Code of Ethics is attached as an exhibit to our
registration statement on Form S-1 filed on July 15, 2008. If we make any
amendments to our Code of Ethics other than technical, administrative, or other
non-substantive amendments, or grant any waivers, including implicit waivers,
from a provision of our Code of Ethics to our chief executive officer, chief
financial officer, or certain other finance executives, we will disclose the
nature of the amendment or waiver, its effective date and to whom it applies in
a Current Report on Form 8-K filed with the SEC.
We will provide a copy of the Code of Ethics to any person
without charge, upon request. Requests can be sent to: Wolverine Exploration
Inc., 4055 McLean Road, Quesnel, British Columbia V2J 6V5.
Audit Committee and Audit Committee Financial Expert
Our board of directors has determined that it does not have a
director who qualifies as an "audit committee financial expert" as defined in
Item 407(d)(5)(ii) of Regulation S-K, and is "independent" as the term is used
in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934,
as amended.
We believe that the members of our board of directors are
collectively capable of analyzing and evaluating our financial statements and
understanding internal controls and procedures for financial reporting. We
believe that retaining an independent director who would qualify as an "audit
committee financial expert" would be overly costly and burdensome and is not
warranted in our circumstances given the early stages of our development and the
fact that we have not generated any material revenues to date. In addition, we
currently do not have nominating, compensation or audit committees or committees
performing similar functions nor do we have a written nominating, compensation
or audit committee charter. Our board of directors does not believe that it is
necessary to have such committees because it believes the functions of such
committees can be adequately performed by our board of directors.
Compliance with Section 16(a) of the Securities Exchange Act
of 1934
Section 16(a) of the Securities Exchange Act of 1934 requires
our executive officers and directors and persons who own more than 10% of our
common stock to file with the Securities and Exchange Commission initial
statements of beneficial ownership, reports of changes in ownership and annual
reports concerning their ownership of our common stock and other equity
securities, on Forms 3, 4 and 5 respectively. Executive officers, directors and
greater than 10% stockholders are required by the SEC regulations to furnish us
with copies of all Section 16(a) reports that they file.
Based solely on the reports received by our company and on
written representations from certain reporting persons, we believe that the
directors, executive officers and persons who beneficially own more than 10% of
our companys common stock during the fiscal year ended May 31, 2012 have been
in compliance with Section 16(a).
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Transactions with Related Director Independence
Except as disclosed herein, no director, executive officer,
shareholder holding at least 5% of shares of our common stock, or any family
member thereof, had any material interest, direct or indirect, in any
transaction, or proposed transaction since the year ended May 31, 2012, in which
the amount involved in the transaction exceeded or exceeds the lesser of
$120,000 or one percent of the average of our total assets at the year end for
the last three completed fiscal years.
Director Independence
We currently act with two directors, consisting of Lee Costerd
and Luke Rich. We have determined that we do not have a director who is an
"independent director" as defined in NASDAQ Marketplace Rule 4200(a)(15).
We do not have a standing audit, compensation or nominating
committee, but our entire board of directors acts in such capacities. We believe
that our members of our board of directors are capable of analyzing and
evaluating our financial statements and understanding internal controls and
procedures for financial reporting. The board of directors of our company does
not believe that it is necessary to have an audit committee because we believe
that the functions of an audit committee can be adequately performed by the
board of directors. In addition, we believe that retaining an independent
director who would qualify as an "audit committee financial expert" would be
overly costly and burdensome and is not warranted in our circumstances given the
early stages of our development.
PROPOSAL NO. 2 - RATIFICATION OF APPOINTMENT OF
INDEPENDENT AUDITOR
Stockholder ratification of the appointment of Saturna Group,
Chartered Accountants LLP as our independent auditor is not required by our
bylaws or otherwise. However, our board of directors is submitting the selection
of Saturna Group, Chartered Accountants LLP to the stockholders for ratification
as a matter of corporate practice. If the stockholders fail to ratify the
selection, our board of directors will reconsider whether or not to retain that
firm. Even if the selection is ratified, our board of directors in its
discretion may direct the appointment of a different independent accounting firm
at any time during the year if our board of directors determines that such a
change would be in the best interests of our company and its stockholders.
Our board of directors has considered and determined that the
services provided by Saturna Group, Chartered Accountants LLP are compatible
with maintaining the principal accountants independence.
Representatives of Saturna Group, Chartered Accountants LLP are
not expected to be present at the Meeting.
Our board of directors unanimously recommends a vote "FOR" the
ratification of the appointment of Saturna Group, Chartered Accountants LLP as
our independent auditors for the ensuing fiscal year.
The following table sets forth the fees billed to the company
for professional services rendered by the company's independent registered
public accounting firm, for the years ended May 31, 2012 and 2011:
Services
|
2012
|
|
2011
|
|
CDN$
|
|
CDN$
|
|
|
|
|
Audit fees
|
13,300
|
|
13,400
|
Tax fees
|
1,000
|
|
Nil
|
Audit related fees
|
Nil
|
|
Nil
|
All other fees
|
Nil
|
|
Nil
|
|
|
|
|
Total fees
|
14,300
|
|
13,400
|
Audit Fees.
Consist of fees billed for professional
services rendered for the audits of our financial statements, reviews of our
interim consolidated financial statements included in quarterly reports,
services performed in connection with filings with the Securities and Exchange
Commission and related comfort letters and other services that are normally
provided in connection with statutory and regulatory filings or engagements.
- 9 -
Tax Fees.
Consist of fees billed for professional
services for tax compliance, tax advice and tax planning. These services include
assistance regarding federal, state and local tax compliance and consultation in
connection with various transactions and acquisitions.
We do not use Saturna Group, Chartered Accountants LLP, for
financial information system design and implementation. These services, which
include designing or implementing a system that aggregates source data
underlying the financial statements or generates information that is significant
to our financial statements, are provided internally or by other service
providers. We do not engage Saturna Group, Chartered Accountants LLP to provide
compliance outsourcing services.
Effective May 6, 2003, the Securities and Exchange Commission
adopted rules that require that before Saturna Group, Chartered Accountants LLP
is engaged by us to render any auditing or permitted non-audit related service,
the engagement be:
-
approved by our audit committee (the functions of which are performed by
our entire board of directors); or
-
entered into pursuant to pre-approval policies and procedures established
by the board of directors, provided the policies and procedures are detailed
as to the particular service, the board of directors is informed of each
service, and such policies and procedures do not include delegation of the
board of directors' responsibilities to management.
Our entire board of directors pre-approves all services
provided by our independent auditors. All of the above services and fees were
reviewed and approved by our directors either before or after the respective
services were rendered.
Our board of directors has considered the nature and amount of
fees billed by Saturna Group, Chartered Accountants LLP and believe that the
provision of services for activities unrelated to the audit is compatible with
maintaining Saturna Group, Chartered Accountants LLPs independence.
PROPOSAL NO. 3 - ADVISORY VOTE ON EXECUTIVE COMPENSATION
(SAY-ON-PAY VOTE)
This year, as required by Section 14A of the Exchange Act, we are providing stockholders the opportunity to advise our Board regarding the compensation of our Named Executive Officers, as such compensation is described in this Proxy Statement, the tabular disclosure regarding such compensation and the accompanying narrative disclosure, beginning on page 3 of this Proxy Statement. We urge our stockholders to review these disclosures for further insight into our compensation policies.
The goal of our company's executive officer compensation program is to retain and reward highly qualified, talented leaders who create long term stockholder value. The program is designed to align management’s interest with that of stockholders and motivate senior executives to increase our long-term growth and profitability while attempting to minimize risks that could result from compensation decisions. As described in this proxy statement, our board weighs the appropriate mix of compensation elements, including the allocation between cash and equity, for each executive officer to help achieve those objectives. Our Compensation Discussion and Analysis contained in this proxy statement describes our executive compensation program and the decisions made by our board in more detail.
Accordingly, our board is asking our stockholders to indicate their support for the compensation of our named executive officers as described in this proxy statement by casting a non-binding advisory vote “FOR” the following resolution:
"RESOLVED, that the compensation paid to the company's named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion is hereby APPROVED."
As an advisory vote, this proposal is not binding on our board. Nevertheless, the views expressed by the stockholders, whether through this vote or otherwise, are important to management and our board, and, accordingly, our board intends to consider the results of this vote in making determinations in the future regarding executive compensation arrangements.
Advisory approval of this proposal requires the vote of the holders of a majority of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting.
OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE
IN FAVOR OF PROPOSAL 3
PROPOSAL NO. 4 - ADVISORY VOTE ON THE FREQUENCY OF AN ADVISORY VOTE ON THE
COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
(SAY-WHEN-ON-PAY VOTE)
Accordingly, our company is asking stockholders to indicate whether they would prefer an advisory vote every year, every other year or every three years. For the reasons described below, our board recommends that the stockholders select a frequency of three years.
After considering the benefits and consequences of each alternative, our board recommends that the advisory vote on the compensation of our company’s named executive officers be submitted to the stockholders once every three years.
Our board believes that a triennial advisory vote makes sense for our company and its stockholders for the following reasons:
-
A triennial advisory vote will allow stockholders to better evaluate our executive compensation programs relative to a pattern of performance over time, which is a more appropriate perspective than the short-term approach that an annual vote could encourage. We seek to encourage a long-term focus among our executives by, for example, granting equity awards that vest over long periods and are designed to correlate closely with the creation of long-term stockholder value. In addition, our compensation programs do not change significantly from year to year. We are concerned that annual votes on our executive compensation program could foster a short-term focus and lead to an over-emphasis on the near-term effect of our compensation programs and thus undermine some of our program’s long-term features. We believe that a vote on our compensation by our stockholders every three years will encourage stockholders to take the same long-term approach to our compensation programs taken by our executives and our compensation committee.
- 10 -
-
A triennial advisory vote will provide us the appropriate time to understand any concerns expressed by our stockholders, thoughtfully evaluate and respond to our stockholders and effectively implement any desired changes to our executive compensation program. As a practical matter, because our critical compensation actions are taken in the first quarter of each fiscal year, any changes to our executive compensation program that were responsive to stockholder concerns would not be fully implemented until the year following the vote, and, as result, would not be disclosed in the compensation tables and reflected in the Compensation Discussion and Analysis section of our proxy statement until the second completed fiscal year following the advisory vote. A triennial advisory vote will permit our stockholders to observe and evaluate the impact of any changes to our executive compensation policies and practices that have occurred since the last advisory vote on executive compensation, including changes made in response to the outcome of a prior advisory vote on executive compensation.
-
An annual advisory vote may frustrate stockholder communication. While an advisory vote on executive compensation may reflect general satisfaction or dissatisfaction with a company’s practices, a dialogue about executive compensation between our stockholders and our board or Compensation Committee members can provide a forum that is more conducive to expressing precise views regarding specific compensation practices. Our board believes that stockholders should not have to wait for a formal vote at an annual meeting. We encourage our stockholders to convey their compensation concerns to us and view the advisory vote as an additional, but not exclusive, opportunity for our stockholders to communicate with us regarding executive compensation.
While our board believes that its recommendation is appropriate at this time, stockholders are not voting to approve or disapprove that recommendation, but are instead asked to indicate their preference, on an advisory basis, as to whether the non-binding stockholder advisory vote on the approval of our executive officer compensation practices should be held every year, every two years, or every three years. The frequency option that receives votes from the holders of at least a majority of shares present or represented and voting at the Annual Meeting will be considered the preferred frequency of future advisory votes on the compensation of our named executive officers by our stockholders. Our board values the opinions of our stockholders in this matter, and, to the extent there is any significant vote in favor of one frequency over the other options, even if fewer than a majority of the votes cast, our board will consider the stockholders’ concerns and evaluate any appropriate next steps. However, because this vote is advisory and not binding on our board or our company in any way, our board may decide that it is in the best interests of our stockholders and our company to hold an advisory vote on executive compensation more or less frequently than the option indicated by our stockholders.
OUR BOARD OF DIRECTORS RECOMMENDS
A VOTE IN FAVOR OF THE THREE YEAR FREQUENCY OF
STOCKHOLDER ADVISORY VOTES ON COMPENSATION
ON PROPOSAL 4.
PROPOSAL NO.5 - AMENDMENT TO OUR
CORPORATION'S ARTICLES COMMON STOCK
Our Articles of Incorporation (the "
Articles
") currently
authorize the issuance of 200,000,000 shares of common stock, $0.001 par value.
On June 11, 2013 our Board of Directors approved, subject to receiving the
approval of a majority of the stockholders of our common stock, an amendment to
our Articles to increase our authorized shares of common stock to 500,000,000
shares, par value $0.001 per share:
Proposal No. 5 is solely to approve the Amendment to our Articles of Incorporation to increase our authorized common stock to 500,000,000, par value $0.001.
The general purpose and effect of the amendment to our
corporation's Articles is to increase our authorized share capital, which will
enhance our companys ability to finance the development and operation of our
business.
Our board of directors approved the amendment to our
corporation's Articles to increase our authorized share capital so that such
shares will be available for issuance for general corporate purposes, including
financing activities, without the requirement of further action by our
stockholders. Potential uses of the additional authorized shares may include
public or private offerings, conversions of convertible securities, issuance of
options pursuant to employee benefit plans, acquisition transactions and other
general corporate purposes. Increasing the authorized number of shares of our
common stock will give us greater flexibility and will allow us to issue such
shares in most cases without the expense of delay of seeking stockholder
approval. Our company is at all times investigating additional sources of
financing which our board of directors believes will be in our best interests
and in the best interests of our stockholders. We do not currently have any agreements for any
transaction that would require the issuance of additional shares of common
stock. Our common shares carry no pre-emptive rights to purchase additional
shares. The adoption of the amendment to our Articles of Incorporation will not
of itself cause any changes in our capital accounts.
The amendment to our corporation's Articles to increase our
authorized share capital will not have any immediate effect on the rights of
existing stockholders.
However, our board of directors will have the
authority to issue authorized common stock without requiring future stockholders
approval of such issuances, except as may be required by applicable law or
exchange regulations. To the extent that additional authorized common shares are
issued in the future, they will decrease the existing stockholders' percentage
equity ownership and, depending upon the price at which they are issued, could
be dilutive to the existing stockholders.
The increase in the authorized number of shares of our common
stock and the subsequent issuance of such shares could have the effect of
delaying or preventing a change in control of our company without further action
by the stockholders. Shares of authorized and unissued common stock could be
issued (within limits imposed by applicable law) in one or more transactions.
Any such issuance of additional stock could have the effect of diluting the
earnings per share and book value per share of outstanding shares of common
stock, and such additional shares could be used to dilute the stock ownership or
voting rights of a person seeking to obtain control of our company.
We do not have any provisions in our Articles, by laws, or
employment or credit agreements to which we are party that have anti-takeover
consequences. We do not currently have any plans to adopt anti-takeover
provisions or enter into any arrangements or understandings that would have
anti-takeover consequences. In certain circumstances, our management may issue
additional shares to resist a third party takeover transaction, even if done at
an above market premium and favoured by a majority of independent stockholders.
Stockholders should note that our company does not have any current plans, intentions, agreements or understandings to issue any of our common stock, that will result if Proposal No. 5 is approved.
Dissenters Rights of Appraisal
Under Nevada law, our stockholders are not entitled to
appraisal rights with respect to the Amendments and we will not independently
provide our stockholders with any such right.
Voting Procedure
The Amendments to our Articles will require the approval of
stockholders holding at least a majority of shares of our common stock entitled
to be voted at the Meeting.
If Proposal No. 5 is accepted by the stockholders, the Articles of our company will be amended in substantially the same form as attached Schedule "A", with changes as may be required by the Nevada Secretary of States.
"HOUSEHOLDING" OF PROXY MATERIAL
The Securities and Exchange Commission permits companies and
intermediaries (e.g. brokers) to satisfy the delivery requirements for proxy
statements with respect to two or more stockholders sharing the same address by
delivering a single proxy statement addressed to those stockholders. This
process, commonly referred to as "householding", potentially means extra
conveniences for stockholders and cost savings for companies.
A number of brokers with accountholders who are stockholders of
our Company will be "householding" our proxy materials. As indicated in the
notice previously provided by these brokers to stockholders, a single proxy
statement will be delivered to multiple stockholders sharing an address unless
contrary instructions have been received from an affected stockholder. Once you
have received notice from your broker that they will be "householding"
communications to your address, "householding" will continue until you are
notified otherwise or until you revoke your consent. If at any time, you no
longer wish to participate in "householding" and would prefer to receive a
separate proxy statement, please notify your broker.
- 11 -
Stockholders who currently receive multiple copies of the proxy
statement at their address and would like to request "householding" of their
communications should contact their broker.
OTHER BUSINESS
The Board knows of no other business that will be presented for
consideration at the Meeting. If other matters are properly brought before the
Meeting; however, it is the intention of the persons named in the accompanying
proxy to vote the shares represented thereby on such matters in accordance with
their best judgment.
If there are insufficient votes to approve any of the proposals
contained herein, the Board may adjourn the Meeting to a later date and solicit
additional proxies. If a vote is required to approve such adjournment, the
proxies will be voted in favor of such adjournment.
By Order of the Board of Directors,
/s/ Lee Costerd
Lee Costerd
Director
PROXY CARD
ANNUAL AND SPECIAL MEETING OF STOCKHOLDERS OF
WOLVERINE
EXPLORATION INC.
(the "
Company
")
TO BE HELD AT 400 - 570 GRANVILLE STREET, VANCOUVER, BRITISH
COLUMBIA
ON FRIDAY, SEPTEMBER 13, 2013 at 2:00 p.m. (local time)
(the
"
Meeting
")
The undersigned stockholder ("Registered Stockholder") of
the Company hereby appoints, Lee Costerd, an officer of the Company, or
failing this person, Luke Rich, an officer of the Company, or in the place
of the foregoing, [print name] as proxyholder for and on behalf of the
Registered Stockholder with the power of substitution to attend, act and
vote for and on behalf of the Registered Stockholder in respect of all
matters that may properly come before the Meeting and at every adjournment
thereof, to the same extent and with the same powers as if the undersigned
Registered Stockholder were present at the said Meeting, or any
adjournment thereof.
|
|
The Registered Stockholder hereby directs the proxyholder
to vote the securities of the Company registered in the name of the
Registered Stockholder as specified herein.
|
|
[ ]
Please check this box only if you intend to attend and vote at the Meeting
|
|
To assist the Company in tabulating the votes submitted
by proxy prior to the Meeting, we request that you mark, sign, date and
return this Proxy by 2:00 p.m., September 11, 2013 using the enclosed
envelope.
|
|
THIS PROXY IS SOLICITED ON BEHALF MANAGEMENT OF
THE COMPANY.
|
|
PLEASE MARK YOUR VOTE IN THE BOX.
|
In their discretion, the Proxies are authorized to vote upon
such other business as may proper
PROPOSAL 1: Election of Directors:
|
|
|
|
|
a)
Lee
Costerd
|
FOR
|
[ ]
|
WITHHELD
|
[ ]
|
b)
Luke Rich
|
FOR
|
[ ]
|
WITHHELD
|
[ ]
|
|
|
|
|
|
PROPOSAL 2: To ratify the appointment of Saturna Group
Chartered
Accountants LLP as the Companys independent public
accounting firm for the
fiscal year ending May 31, 2014
|
FOR
|
[ ]
|
AGAINST
|
[ ]
|
|
|
|
|
|
PROPOSAL 3: Advisory Vote on the compensation of our company's named
executive officers
|
FOR
|
[ ]
|
AGAINST
|
[ ]
|
|
|
|
|
|
PROPOSAL 4: Advisory Vote on the frequency of future advisory votes on
the compensation of our company's named executive officers
|
1 Year
[ ]
|
2 Years
[ ]
|
3 Years
[ ]
|
|
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|
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PROPOSAL 5: Amendment to Articles increase in
authorized share capital
|
FOR
|
[ ]
|
AGAINST
|
[ ]
|
In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Meeting. This Proxy, when properly executed, will be voted in the manner directed by the Registered Stockholder. If no direction is made, this Proxy will be voted "FOR" each of the nominated directors and "FOR" the remaining Proposals, with the exception of Proposal 4 for which our board has recommended a vote for 3 Years.
Dated: ______________________________
|
Signature:
_________________________________________
|
Please sign exactly as name appears below. When shares are held
jointly, both Registered Stockholders should sign. When signing as attorney,
executor, administrator, trustee or guardian, please indicate full title as
such. If a corporation, please indicate full corporate name; and if signed by
the president or another authorized officer, please specify the officer's
capacity. If a partnership, please sign in partnership name by authorized
person.
SIGN HERE:
|
|
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|
Please Print Name:
|
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Date:
|
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Number of Shares Represented by Proxy
|
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|
THIS PROXY FORM IS
NOT VALID
UNLESS
IT IS
SIGNED AND
DATED
.
SEE IMPORTANT INFORMATION AND INSTRUCTIONS ON
REVERSE.
INSTRUCTIONS FOR COMPLETION OF PROXY
1. This
form of proxy ("Instrument of Proxy")
must be signed
by you,
the Registered Stockholder
, or by your attorney duly authorized by you in
writing, or, in the case of a corporation, by a duly authorized officer or
representative of the corporation; and
if executed by an attorney, officer,
or other duly appointed representative
, the original or a notarial copy of
the instrument so empowering such person, or such other documentation in support
as shall be acceptable to the Chairman of the Meeting, must accompany the
Instrument of Proxy.
2.
If this Instrument of Proxy is not dated
in the space
provided, authority is hereby given by you, the Registered Stockholder, for the
proxyholder to date this proxy seven (7) calendar days after the date on which
it was mailed to you, the Registered Stockholder.
3.
A Registered Stockholder who wishes to
attend
the Meeting and vote on
the resolutions in person
, may
simply register with the Scrutineer
before the Meeting begins.
4.
A
Registered Stockholder who is
not able to attend
the
Meeting in person but wishes to vote on the resolutions
, may do the
following:
(a)
appoint one of the management proxyholders
named on the Instrument of
Proxy, by leaving the wording appointing a nominee as is; OR
(b)
appoint another proxyholder
.
5. The
securities represented by this Instrument of Proxy will be voted or withheld
from voting in accordance with the instructions of the Registered Stockholder on
any poll of a resolution that may be called for and, if the Registered
Stockholder specifies a choice with respect to any matter to be acted upon, the
securities will be voted accordingly. Further, the securities will be voted by
the appointed proxyholder with respect to any amendments or variations of any of
the resolutions set out on the Instrument of Proxy or matters which may properly
come before the Meeting as the proxyholder in its sole discretion sees fit.
INSTRUCTIONS AND OPTIONS FOR VOTING:
To be represented at the Meeting, this Instrument of Proxy
must be DEPOSITED at the office of
Empire Stock Transfer.
, by mail
in the enclosed business reply envelope, at any time up to and including 2:00
p.m. (Pacific time) on September 11, 2013, or at least 48 hours (excluding
Saturdays, Sundays and holidays) before the time that the Meeting is to be
reconvened after any adjournment of the Meeting.
SCHEDULE A
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